Las Vegas Real Estate Blog

Las Vegas Community Guide

2009-02-12T09:07:00.000-08:00

The Las Vegas Community Guide is a collection of resources and information about the Las Vegas community. We have written dozens of articles, compiled information, and applied web tools to help you explore the great city of Las Vegas.

We have found Las Vegas can be for nearly anyone. Residents and visitors can find anything the want here. If they want great schools, they can find them. If they want great shopping they can find it. They can find great entertainment, sports, work, housing, people, clubs, technology and connections.

This guide was developed for informational purposes based on collections of content and data. There may be errors so we have provided a contact form to help use keep the site up to date and accurate. Please contact us if there is erroneous information and we'll act responsibly to remove it, replace it, or update it.

If you would like to contribute to the site please feel free to contact us. We also encourage paid advertising and contributions.

Back in the Saddle

2009-02-02T20:00:00.000-08:00

It's been since June since I've posted on my real estate blogs...I've/we've been busy. In addition to working real estate, we've spent time designing an online community designed to help professionals from all sorts of disciplines promote themselves online. The community is ProSPOTLIGHT. We plan to use it ourselves to drive business and we invite other professionals to use it to enhance their online presence.

Stuck in a Home

2008-06-25T07:04:00.000-07:00

I visited with a family last night who feels stuck in their home. They want to move up because prices are amazing in the Las Vegas market. However, they had their home listed for months with an agent before deciding to move back into it and pull the listing. I felt bad for the agent as well.

CNN featured an article about being in a home you don't want but can't sell. Many may be in that situation. They want to move up or down or just away but can't because of the inability to sell.

The only thoughts we could give last night was to hold on for some time. The market has softened considerably and it isn't going to spike up over night. Home owners should save money where they can and prepare for the opportunity down the road. There will be a day months out or in a year or two when a strong shift is likely to occur as a natural real estate cycle. The shift will happen significantly in Las Vegas because of the nature of the growing economy. More people will be moving in that available residences. That demand will drive prices up nicely. If you are considering a sale ask your Las Vegas real estate agent what your options are.

National Home Prices More Than 15% from Last Year

2008-06-24T08:02:00.000-07:00

20 cities are tracked in the S&P/Case-Shiller 20-city Home Price Index. Since April of last year the average home price has droped 15.3%. Many cities dropping every month for the last 21 months.

Las Vegas has been the hardest hit dropping 26.8%. Home owners have felt the pinch leading to huge numbers of foreclosures. Investors have been buying up great deals across the valley as prices drop to levels from years past.

Las Vegas real estate agents have seen historic trends up and historic trends in foreclosure opportunities. As major projects schedule their completion over the next couple of years, agent watch to se how many tens of thousands of jobs will be created drawing in a large number of residents and driving prices upwards once again.

Next Decade to See Significant Housing Growth

2008-06-23T07:48:00.000-07:00

CNN reviewed a Harvard report suggesting that the next decade will be very healthy with regards to housing. Changing demograhics and a continued population growth mean more households are needed. There will be a hesitation in growth because of current unsold homes, however, annual amounts will average considerable growth.

From 2010 to 2020, the number of households in the United States will grow by an average of more than 1.4 million per year, the study finds.

In Las Vegas, we anticipate real estate growth based on major projects happening across the valley, including City Center among others. Las Vegas Realtors can explain what to expect in some of this growth.

Personal Credit Explained on Realtor Web Site

2008-06-18T08:00:00.000-07:00

Realtor.com explains how your credit history affects your purchasing ability and how late payments and charge-offs and other credit repair methods can damage credit. Currently, when purchasing real estate the credit score means nearly everything with regards to qualification.

In Las Vegas we have seen many who would have otherwise qualified in the past be declined. It is ever important to keep the credit score in good shape. A Las Vegas Realtor can either give you some guidance on how to keep it clean or who to talk to in order to either keep a healthy score or have it repaired by a qualified professional.

Housing Starts Drop to 17-Year Low

2008-06-17T07:07:00.000-07:00

Housing starts drop to new 17-year low across the nation. According to CNN privately owned housing starts dropped 3.3% for seasonally adjusted rates. The drops indicate a stagnant period.

Michael Larson, real estate analyst at Weiss Research, said...thinks the largest percentage declines in housing starts are "probably behind us." But he thinks the number of new homes under construction will remain at current levels until builders reduce "their inventory overhang."

The market will likely remain in a valley for several months to come before improved sales begin.

Finding a Renter in the Las Vegas Rental Market

2008-06-16T07:50:00.000-07:00

Many home owners are unable to sell their current home yet they are interested in taking advantage of the low prices and foreclosures. They want to know how they can find a quality renter quickly and affordably.

First of all, there are many factors involved in renting. It is good to get educated first. There are also fees and maintenance principles to consider. The best option to consider, according to the RJ, is to seek professional help. Find a Las Vegas Realtor who handles rentals. Some teams have staff to handle both buy/sell activities along with rental activities. Find some one who can take care of both. For most people involved in home ownership of one type or another it is difficult to beat the professional help of a qualified Realtor.

The Home Isn't Closed Until It's Closed

2008-06-13T07:19:00.000-07:00

Many home buyers feel like they have made it once they sign the closing documents. However, with consistently changing lending programs a loan may not be available by closing time. Las Vegas Realtors should make sure things are in order before celebrating about your new piece of real estate.

A good lender is key in getting a deal closed as well. Be sure to stay on your lender like glue until the property actually records.

Las Vegas Real Estate Agents Selling Significant Number of Units

2008-06-11T07:39:00.000-07:00

Las Vegas real estate has been in the news for under performing in a big way. However, some agents and teams are selling many units. How? We have bank owned properties and the banks are dumping them.

CNN mentions that Realtors with the right ties to banks have listed dozens of foreclosed properties. We have access to the best deals on the Las Vegas MLS and we know of foreclosures before they're listed.

In a down market like this people are teeming for deals...and the good news...many buyers are scoring big!

Foreclosures Top 1 Million

2008-06-10T06:31:00.000-07:00

Currently, 1 million homes are in foreclosure nationwide. That is the most on record and a huge opportunity for investors. Nevada has been hit hard, specifically in Las Vegas. We already sense huge investor demand for properties that are a great deal.

We are seeing bidding on homes that are priced very competitively. Banks are doing anything they can to move these properties off the books.

If you want to buy a foreclosure or other home at a great price get ahold of your Las Vegas Realtor.

Intense Bidding Begins Housing Boom in Some Parts

2008-06-09T07:32:00.000-07:00

In Las Vegas many homes have been foreclosed and many banks are dumping the properties. Homes are listed and within hours they have multiple offers. The activity is creating a "boom" according to MSNBC. Some buyers are not able to get in on deals because the prices get bid up to retail prices. Our team recently sold one that was initially listed at a discount for considerably more.

If you're looking for a great deal you need to know a Las Vegas real estate agent who works with banks in order to take advantage of the listings from foreclosures.

Home Equity Reported to Be Lowest Since WWII

2008-06-06T08:46:00.000-07:00

MSNBC reported that owners home equity nation wide is at its lowest levels in decades. Many bought homes when the market was at a peak and now owe more than they can get for their home. Others took out home equity lines increasing the debt owed over what the home was worth. As the market cycles hopefully many have learned that a home can be a source of great appreciation and equity unless abused. It's important to stay on top of trends and plan well.

Summertime keeps Summerlin Swimming Pools Active

2008-06-05T07:58:00.000-07:00

Las Vegas community, Summerlin, is known for its amenities and great living. As the summer heats up so do the trips to the pools. Summerlin has 3 community pools with another scheduled for 2010. One of the pools is an Olympic pool funded by the Hugh's Corp.

Many of the neighborhoods within the master-planned community have pools of their own and many homes come with pools. It seems if a resident wants to swim to keep cool or to compete there is an option.

A Las Vegas Realtor can help you find a home or community with a pool.

Home Buyers Downsizing

2008-06-04T07:30:00.000-07:00

As could be expected, the housing trend's rise and fall sparked similarities in the size of home people believed they could afford. During the boom it was the McMansion. Now, home builders are releasing smaller models and buyers are selecting them.

In Las Vegas, clients are commonly looking for the best deal and just what they can afford. A Las Vegas Realtor is able to scout out those great deals in the MLS and other home finding tools.

Bernanke Says Interest Rates Unlikely to Change Soon

2008-06-03T08:05:00.000-07:00

Bernanke says rate decrease unlikely. Oil prices are a double edged sword he says. Worries about inflation have the Fed leary of dropping the key rate. What does that tell us about housing rates? Well, though the two are related, it doesn't mean much initially. Lenders have set their rates and unless there is a considerable change in the Fed rate we won't likely see much change in mortgages.

Bernanke says we should see economic improvement later this year because of several government programs.

"To help brace the economy, the Fed in late April dropped its key rate to 2 percent, a nearly four-year low, but hinted that could be the last reduction for a while. Bernanke drove that point home again on Tuesday."

At Risk Home Owners Get Relief

2008-06-02T08:16:00.000-07:00

CNN reports that some are being rescued from a sticky foreclosure situation. They have helped many keep their homes.

"Hope Now helped 183,000 at-risk borrowers stay in their homes during the month of April..."

Many of the home owners were simply allowed to make up late payments. However, many loans were actually altered to lower the balance or interest rate to ease the payment amount.

Sadly, many families are still losing their homes. No one benefits from a foreclosure unless you are on the investor side picking up the recently dumped properties. Some in Las Vegas are reaping the profits. Find out from a Las Vegas real estate agent.

Lenders Could Prevent Many Foreclosures by Allowing More Short Sales

2008-05-30T08:08:00.000-07:00

A short sale is when a bank will allow a home seller to sell for less than they owe the bank. Sellers often need to move and buyers often want to buy but the current home value is less than the mortgage amount. Banks are all that stand in the way. Ironically, they end up losing more money by foreclosing, relisting the property, and managing the assets. According to CNN:

"Lenders are taking much longer than necessary to approve short sales, according
to Duane LeGate, of House Buyers Network, a short sale specialist."

If you have more questions about short sales or foreclosures let your Las Vegas Realtor know.

HOAs Cannot Restrict Certain "Green" Technologies

2008-05-29T08:10:00.000-07:00

The Green Movement is strong and will get stronger. Many are out to improve and conserve our environment. On the Las Vegas RJ a reader asked about an HOAs role in natural energy restrictions. The interesting response is that no governing body can regulate systems used for solar or wind energy. The NRS provided an answer:

"NRS 278.0208 is entitled "Restrictions on Use of System for Obtaining Solar or Wind Energy Prohibited." It states that a governing body shall not adopt any regulation or take action that prohibits or unreasonably restricts the owner of real property from using a system for obtaining solar or wind energy on his or her property..."

For more on the policy read here or for more on Las Vegas real estate contact a professional.

News Writers Convinced Housing Market Will Be Stalled for Some Time

2008-05-28T07:51:00.000-07:00

Home buyer/seller sentiment often follows what is read in the news. An article in MSNBC suggest that the housing market won't be turning quickly. They give 4 reasons it will take some time:

More looming foreclosures to come
The Mortgage lending system is broken
Consumer confidence is in the toilet
There is a larger underlying inventory than most people realize

He concludes that we may have found a marginal bottom to the slide but it will take some time to begin to climb again.

To learn more specifically about the Nevada/Las Vegas real estate market (as mentioned in the article) contact your Las Vegas real estate agent.

National Realtor Web Adds New Service

2008-05-27T06:53:00.000-07:00

National Realtor web site realtor.com has added a new service to their offering. They have integrated with MicroSoft Virtual Earth to provide a home valuation option. A service like this is important when trying to get a ballpark on homes within a market.

In Las Vegas, those interested in real estate may use the local MLS search to find properties for sale. For specific property values and comparables use a Las Vegas Realtor to accurately determine the right move.

Real Estate Interest Remains Amid Tough News

2008-05-23T09:56:00.000-07:00

Even in the midst of so much negative housing news, Internet leads keep on rolling in. Las Vegas real estate agent web sites continue to receive a steady flow of interest from buyers, sellers, and renters. Clients tend to be reluctant to act quickly but they are interested. Investors are nosing around. New city residents want to know how the market is. People are anxious to buy or sell properties but they are holding out until the news shifts. Oddly enough, economy and mortgage pressures are not detouring many. There remains a steady desire to engage and own. There is likely a damming effect that will burst open once the circumstances change some.

Las Vegas Home Prices

2008-05-22T08:19:00.000-07:00

Homes in Las Vegas that were selling for $320,000 are considerably lower priced today. Our team just put a home under contract for $120,000. Granted, it was a foreclosure property that the bank wants to dump but the numbers are staggering. Oddly enough, you can't build that home today for that price. We have seen several properties with a huge bank discount come through our group. If you want to see other properties like these you need a Las Vegas real estate agent to get you connected.

Other parts of the country are also seeing considerable price changes. CNN illustrated some of these factors.

Mortgage Loan Counseling - Should It Be a Real Estate Requirement?

2008-05-21T06:56:00.000-07:00

A lot of emotion gets tied up in a home purchase. Lenders and other professionals are considering mandatory mortgage counseling prior to making a home purchase. Recent housing woes have many searching for methods to avoid future fall out.

Las Vegas real estate has been in the forefront with high foreclosure numbers and struggling home owners. Until courses become mandatory it is important to find a quality Las Vegas real estate agent who has financial resources for helping valued clients understand their position.

Las Vegas Weather to Hit Records for the Season

2008-05-20T08:07:00.000-07:00

The Las Vegas sun will beat down this week as temperatures rise to a new record for this period of the year. Las Vegas weather is usually quite predictable and the newmen claim higher than normal marks. Surprisingly the days to follow may drop off considerably and produce rain. There was talk of a string of above normal "hot days" to set a new string of days but we will get relief.

Las Vegas Sun City Aliante to Close Out

2008-05-19T08:04:00.000-07:00

Sun City aliante, the seniors community in the north end of Las Vegas, is closing out soon. Aliante as a whole has been popular and offers up great options for housing in the newer part of North Las Vegas. Sun City specifically offers seniors housing in a quieter, calmer atmosphere. At the same time there are many activities to do. Club houses, golf courses, and community centers make the Del Webb properties perfect for many retirees and seniors.

A Las Vegas Realtor can explain the benefits of senior living in Las Vegas.

Some Real Estate Good News? Housing Starts Up in April

2008-05-16T07:26:00.000-07:00

The housing starts stats rose by around 8% in April. Apartment construction is adding new units pushing new housing numbers up. Single family housing is still weak but the optimism by contractors represents some recovery after a very slow March.

However, before we see a large up turn in these overall numbers we'll need to see a decrease in standing inventory:

"economists believe that housing construction will remain under pressure until builders have more success in reducing a huge backlog of unsold homes."

Specifically in Las Vegas, real estate new construction is still flat. Builders wait on the sidelines until inventories indicate a need for strong builds. There are communities that have been popular and new homes are still being built. Las Vegas Realtors are the professionals to ask when looking for a new home.

Some Real Estate Markets Still Growing

2008-05-15T07:22:00.000-07:00

Yahoo listed a group of housing markets that are expected to show growth in value this year, even with the recent market down turn. The top five are:

McAllen, Texas
Rochester, NY
Birmingham, Alabama
Syracuse, NY
Buffalo/Niagra Falls, NY

For the rest of the list and details go here.

Regarding Las Vegas real estate, many real estate agents are expecting 2009 for real estate growth. That makes sales tough for those leaving homes behind. However, buyers are finding home values similar to values before the boom as though the market has corrected to previous trends.

Home Remodeling Activity Down

2008-05-14T08:09:00.000-07:00

Home remodeling activity expectedly down with market skeptisism and activity. Many sectors of the economy are affected. Retail goods, remodeling services, and other related areas. Now is actually a great time to negotiate top deals with a remodeler if your finances allow. There is a surplus of time and people who need the work.

If you are looking to remodel in Las Vegas and need a guy you can trust contact a Las Vegas Realtor.

Foreclosure Wave May Be Losing Steam

2008-05-13T07:25:00.000-07:00

Las Vegas has been at the top of the foreclosure list in several of recent months. However, analysts say that trend may slow soon. A recent article in the RJ addresses the issue by indicating that preforeclosure and foreclosure numbers are down from previous months.

"The sky isn't falling, and the bottom of the housing market is in sight," Foreclosures.com President Alexis McGee said. "The problem with foreclosures is they go up and they go down, so it takes two or three months to see where they're going, but for now, it looks like April is headed in the right direction."

Residents should contact a Las Vegas Realtor as soon as they realize they may have to sell. If a the process gets too far down the line then a sale is more difficult. If the sale begins soon enough, an agent can often make a big difference.

Foreclosures Leaving Green Pools

2008-05-12T08:00:00.000-07:00

Las Vegas real estate agents have watched the foreclosures inventory pile up among banks. Many of these homes are vacant and many of those that are vacant have pools. These pools, left unkept, have begun to turn green.

Our next-door neighbor up and left his home. The pool has evaporated considerably and begun to change colors. What we're most nervous about is the potential for insect breeding. The kids love to play out back as the Las Vegas weather improves and we don't want an investation.

There are many Las Vegas homes for sale under great conditions. Others need some work and there are discounts for those situations. It really comes down to finding the opportunity and taking it.

Summertime: Homes with Pools

2008-05-09T07:32:00.000-07:00

Las Vegas is known for its hot summer weather. Many home owners ease the heat by buying homes with pools. CNN showcased some great pool designs recently. They are some pretty cool home features.

Many home buyers seeking pools wonder about the value between purchasing a home with a pool versus having one installed. Your Las Vegas real estate agent can help determine that value.

If you are looking for a community with a pool or other similar features Vegas has many options. You can find simple or extravagant designs.

Is Your Home Insurance High Enough?

2008-05-08T07:42:00.000-07:00

The news commonly reminds us of unexpected disaster and loss of home. This Wall Street Journal article suggests we get our insurance in order. Many of our homes may not be insured properly for possible issues. We don't intend to scare home owners but want to point out that there are ways to verify if the home is properly insured or not.

Las Vegas is known for its storms during the monsoon season. A community can be flooded quickly. There is a resource home owners can use to determine whether they live in a flood plain or not. It is a web site with all of the flood zones outlined. Las Vegas Realtors can provide you with that resource.

World's First Billion-Dollar Home

2008-05-07T07:25:00.000-07:00

We see huge, expensive Las Vegas homes. However, none of them approach the worlds most expensive. Forbes reported the first billion-dollar home.

Supposedly, every floor in the 27-story residence is unique driving the price around $2 Billion. It has around 400,000 sqft of interior space. It will be located in Mumbai. It will cost more than other skyscrapers of its size due to the unique features of each floor.

In Las Vegas, there are huge homes and spreads. Some of the wealthiest of the world have homes here.

Local Real Estate Markets May Get Involved in Housing, Literally Buying and Selling Homes

2008-05-06T08:46:00.000-07:00

An article in CNN this morning was very intriguing and will likely spark some political skirmish. As mentioned in the article:

"Under the House plan, the Department of Housing and Urban Development would dole out the loans and grants based on the number of foreclosures and home prices in an area. Cities could use the money to buy foreclosed homes, renovate the homes to make them compliant with housing codes, and resell or rent them."

The goal is to help keep neighborhoods and the city as a whole in good shape since there are so many vacant homes on the market. They tend to be run down.

In Las Vegas we're seeing a significant number of homes that are vacant. There has been issues with dilapitated homes and associated values. Some Las Vegas real estate agents are wrapped up in these properties and are able to get good deals on them. However, if buyers aren't available it takes some technique to sell these properties. We'll keep an eye out to see if the bill passes.

Las Vegas Aliante Community Offers Incentives

2008-05-05T07:04:00.000-07:00

The Aliante community in North Las Vegas is offering considerable incentives to home buyers. They claim to be offering very competitive pricing and financing options.

Many Las Vegas communities are offering significant discounts and doing everything they can to attract qualified buyers. These builders have been competing with existing home prices and bank owned properties.

Las Vegas real estate agents are able to show a huge selection of both new and preowned properties. Buyers have been very selective and have chosen properties with great values.

Housing Mortgage Interest Rates Rise Slightly

2008-05-02T08:42:00.000-07:00

Interest rates on mortgages have remained relatively low in recent months. They have risen slightly to 6.06% from around 5.5% in previous months. Bankers have concern for inflation and are adjusting accordingly.

What does that mean if you are purchasing Las Vegas real estate? It means there are still some great deals out there and if you are qualified housing can be very affordable. Investors have been calling, other home buyers are calling. They are looking for great deals because they know the market is at a great level. Your Las Vegas Realtor will help you get started and help you with any financing needs by referring the right professionals.

Home Buyers with Good Credit Can Protect That Reputation

2008-05-01T08:23:00.000-07:00

Many home owners bought homes years ago with payments over their heads. Over time their inability to pay has threatened or damaged their credit. Many of those who had protected their credit the most misestimated their repayment potential and are now struggling to maintain a good credit reputation.

In Las Vegas knowing the right real estate agent can help. He can refer you to a credible, honest lender who will counsel and lend according to a realistic ability to handle the payments instead of closing whatever lone possible just to get a commission. Get ahold of your Las Vegas Realtor to learn more about lending options in the valley.

The Las Vegas Recent Downward Price Adjustment Seen as Largest in Nation

2008-04-30T07:02:00.000-07:00

Following years of appreciation marked at 30-50% per year, the Las Vegas housing market has dropped in value some 22% as it readjusts. Foreclosure trends, mortgage issues, and economic factors have curbed the previous growth. Many buyers remain on the edge awaiting better news before taking the plunge. Many say late 2009 will mark any new appreciation with the completion of major real estate projects in the valley which will create tens of thousands of new jobs.

Investors and savvy buyers are snapping up foreclosures and other great deals. They are anticipating this significant growth in the coming year. To see trends and other numbers contact a Las Vegas real estate agent.

Investors Buying Up Las Vegas Foreclosures

2008-04-29T06:48:00.000-07:00

Articles like this one: Yahoo, illustrate the investment potential in the Las Vegas real estate market today. Hundreds of foreclosures are for sale and in order to compete new home builders are offering amazing deals. Our team is selling several foreclosures a month directly from reputable banks. We have dozens listed and anyone who is qualified is able to make a solid purchase.

The best way to line up a Las Vegas home for sale is through a Las Vegas real estate agent. Agents are able to search the inventory in the area and find the best deals.

Vacant Homes for Sale Are Up

2008-04-28T06:53:00.000-07:00

US homes for sale and that are vacant is up. That's a likely scenario in Las Vegas as well. Either people move and wait while a home sells or banks leave it empty while the home sells as a foreclosure. Reportedly:

"The Census Bureau report shows that shows that 2.9 percent of U.S. homes — excluding rental properties — were vacant and up for sale..."

If you are selling Las Vegas home and you leave it vacant be aware that there are concerns. There may be options to help protect the home. A Las Vegas Realtor may be able to give you some suggestions on keeping the home safe during the listing process.

Las Vegas Home Sellers Be Prepared for Anything

2008-04-25T07:07:00.000-07:00

Some Las Vegas home sellers are trying everything to sell homes as they retain high values. It also appears to be a national challenge. Reportedly, sellers hire Realtors, feng shui experts, etc. We've seen them make cold calls, throw in autos, trips, etc.

"In such a hypercompetitive market, you have to go way beyond what everyone else is doing - especially if you want to move your home quickly. Old standbys like slapping a fresh coat of paint on your clapboards or throwing in a complimentary plasma TV just won't cut it."

The bottom line: most homes sell when it's offered at the right price. Buyers have so many options today that they spend time in the Las Vegas MLS and the primary criteria they begin with is price and square footage. There are other strategies that real estate agents may use to get the home sold.

Las Vegas New Home Buyers Anticipating a Great Future Market

2008-04-24T08:13:00.000-07:00

I bought a truck yesterday. The best deal was in San Diego so I flew from Las Vegas. When I arrived a kind sales rep from the dealership picked me up. While en route to their locale we talked about Las Vegas real estate. He let me know his daughter had chosen a home in a community in the north west end of town. He was very pleased to hear that the median price is down tens of thousands from a few years ago. He was even more excited to hear about the City Center Project and the number of people who will flood into the valley for work, needing housing. Even with the correction some are excited about their opportunities. We looked at a Las Vegas real estate agent web site where he could find stats and trends. He'll be watching like a hawk.

Las Vegas Golf Courses and Real Estate

2008-04-22T07:01:00.000-07:00

Las Vegas is awesome for golf. World-class courses dot the valley. Ample warm weather and golf culture enable residents of all levels of expertise to play.

Las Vegas real estate has grown up around these courses. Well-kept greens, water features, social status all drive owners to buy near courses. One of the best benefits of living near a golf course is that it tends to draw a certain crowd, a crowd that doesn't want trouble and who respects the area.

A story in MSNBC related about how a golf course transformed a "blighted neighborhood" into a respected community.

Talk to Las Vegas real estate agents to buy a golf property. They can find what you are looking for by using the MLS search.

Las Vegas Home Buyers Looking to Resale Properties

2008-04-21T07:35:00.000-07:00

Buyers across the country have found a slow, often haulted new home market. In Las Vegas, many resale homes are sold as great bargains. New home builders have had to slow their development. Many buyers under contract have had their projects put on hold while the builder awaits a shift in the market place.

"Experts say it’s one of the least examined aspects of the housing downturn, and one that has struck many parts of the country, from areas like Las Vegas, which experienced rampant speculation and overbuilding, to cities where construction was more restrained such as the Jersey Shore and Philadelphia." - MSNBC

A Las Vegas Realtor will likely direct clients to existing homes for sale. Some agents have access to foreclosure properties sold at great prices. Home buyers are able to find great deals if they are qualified and patient.

Now's the Time to Buy for Some

2008-04-18T08:39:00.000-07:00

For some, now is a great time to buy real estate, especially Las Vegas real estate. Home values are poised perfectly for an upswing in appreciation. There is a demographic of people who can really score in this market. According to Yahoo:

"Dual-income customers should definitely buy a home now," says George Kaiser, vice president of banking operations for Northbrook Bank and Trust and West America Mortgage Co., its sister company. "People with assets in reserve and a credit score of at least 680 should buy as well. Anyone with a credit score less than that will have to verify their income."

For others it is also a great time to get involved. For some it's not. If you need help determining whether or not the Las Vegas real estate market is right for you now get in contact with your Las Vegas Realtor.

Loss of Stated Income Loans Impedes Some Las Vegas Residents from Home Purchase

2008-04-17T06:57:00.000-07:00

In recent years many home purchasers of Las Vegas real estate were able to accomplish their goal by qualifying for a stated income loan. Many who work on the Strip do not have a job that qualifies for current loans. Homes are affordable and now would be the time to purchase. However, it's tough when there are limited types of programs that require a certain criteria. According to the RJ:

"Average casino wage and allowable debt-to-income ratios by Freddie Mac and Fannie Mae would indicate that many hospitality workers can afford the American dream they were priced out of yesterday, said Cory Frey, senior loan officer for Southern Fidelity Mortgage.

"But they're being denied that opportunity, he said, because they can no longer use so-called stated income loans, or loans based on income other than reported wages."

Buyers must be very creative. Typically, they must save up a solid down payment, maintain great credit, and look for the right program to qualify for.

Working with a qualified Las Vegas real estate agent will help considerably. If there is a way to get it done, they will find it.

Las Vegas Master Planned Community Aliante Nearing Completion

2008-04-16T08:28:00.000-07:00

Master planned Las Vegas community Aliante is nearing completion and offering considerable incentives. As the development nears its end builders are hoping to attract buyers to the stylish homes and amenities.

According to the report they are working with loan programs that aid potential buyers. Reportedly:

"An example of this can be found at The Fields by Astoria Homes, which is offering qualified buyers a $1 Move-In program through April 20 on selected homes that can be ready for move-in within 30 days or less."

The community has added a great deal of class to the area. It offers high end homes as well as affordable housing. Buyers have many selections to make.

Contact a Las Vegas Realtor to start the purchase process.

Foreclosures Mean Great Deals for Investors in Las Vegas

2008-04-15T08:16:00.000-07:00

The stream of ARM mortgage resets are anticipated to crest in May and June of this year. That signals that more foreclosures are on their way. Those who have avoided losing a home and who may have investment cash on hand are snagging some great opportunities.

Our Las Vegas real estate agent team has access to dozens of repos. We have seen homes sell for half of what they sold for 2 years ago. A 4 bedroom home recently sold for around $180,000. It would have sold for more than $350,000 before the credit crunch. It is expected that next year at this time that the values of homes will begin to recuperate. For someone who can sit on a great deal for a couple of years there is some projected considerable earnings.

Today's Las Vegas Real Estate News

2008-04-14T08:37:00.001-07:00

While the nation's real estate news continues along gloomy storylines Las Vegas real estate steadies out some. The talk of the day revolves around Las Vegas high rise communities.

Median sales prices for the properties is up but price per square foot is slightly down suggesting that larger units sold. More units sold than in the same quarter last year which is a positive indicator.

Many projects have been sold out for months. It seems to be the resale properties that are in question.

"Restrepo Consulting Group principal John Restrepo said high-rise construction in Las Vegas is not immune to the downturn in housing and national economics."

Investors and residents are watching closely to see how high rises will fair compared to single family properties.

To find out about a property for sale or purchase contact trusted Las Vegas real estate agents.

Las Vegas State Law Supercedes Home Owners Association Bylaws

2008-04-11T07:31:00.000-07:00

According to an article in the Las Vegas RJ, Nevada state law supercedes association bylaws whenever there is a conflict. Conflicts often arise regarding budget, rights, and other accepted bylaws. HOA bylaws are typically established by a builder but accepted and maintained by the residents of the community. In Las Vegas communities HOAs are common, especially in newer neighborhoods.

Many appreciate HOAs and some don't. The benefit to Las Vegas real estate is buyers can find what they want. A Las Vegas real estate agent or Realtor can help you determine whether a community has an HOA or not.

Small Multi-Unit Properties Rare in Las Vegas

2008-04-10T07:06:00.000-07:00

If you're an investor of any type, or a follower of Robert Kiosaki for that matter, then you have your eyes peeled for great opportunities in multi-unit residential real estate. When I lived in Utah there was a consistent stream of duplexes and fourplexes on the market. However, Las Vegas has quite a different story. For the most part the city doesn't allow development of smaller multi-unit properties. Those that were constructed years back are usually owned by long-term investors and if they do make it to the Las Vegas market they are snapped up quickly and they are a challenge to cashflow.

What is hot right now is single family homes. One of our team members recently sold a property for $136,500 that rents for $1,100 per month. We have access to 600 or so repo properties and some are similar to the one mentioned here. Get in touch with a Las Vegas Realtor® to take advantage of a hot repo property.

Real Estate Agent Career Likely a Revolving Door

2008-04-09T07:13:00.000-07:00

Whose eyes don't light up when they hear about top real estate agents who sell a million dollar home and net a huge pay check...and then they do it again. Some of the top real estate agents in the market make a killing. However, that's like any other industry. The top professionals perform and benefit from their career. The reality is that surviving in a real estate agent career is as challenging as starting any other business, and running it alone.

In Las Vegas, real estate professionals have seen the revolving door over the years. New comers pay for school, license, MLS fees, broker fees, etc. and a majority only close a few homes in a year and they are likely not million dollar homes.

Being a real estate agent is like running your own business. You much generate the leads, convert them, manage your office, handle your own taxes, stay trained, handle all expenses, etc. Those who perform better than average at all aspects of running a business have a shot. Those who are under skilled in some area may struggle. Teams form that way. Teams can be successful if run correctly. However, a team is still a full business and now there are multiple personalities to manage.

We were told in the beginning by a very successful agent, "if you can survive through your second year and you've diligently been building the business, you have a great shot."

I would echo that statement. If you can survive on few transactions in your first year, break even in your second year you have a good shot at making it happen in the third.

Short Sales in Las Vegas Becoming More Common

2008-04-08T08:16:00.000-07:00

Across the country many home owners must sell their homes for various reasons. Many are upside down and must sell short. A short sale is when the bank allows a seller to sell a home for less than what is owed. Why would a bank allow this? What many don't know is that it is very costly for a bank to resell a property after foreclosure. Specifically in Las Vegas, it may cost anywhere from $30-80 thousand on average. Often, it is better for the bank to negotiate with the seller to minimize a potential loss.

However, sellers shouldn't line up to sell short. Not all banks will forgive necessary amounts. The process is also very drawn out. In many cases, a bank will only work with a competent real estate agent or team of agents. The last thing they want is for the property to get into escrow, go through all of the negotiation and have the sale fall out.

If you are looking to sell your home contact your Las Vegas Realtor® who can help you understand the process and your options in this unique real estate market.

Summerlin Open House a Big Deal

2008-04-07T08:19:00.000-07:00

The Summerlin community in Las Vegas held an open house and attracted more than 3000 potential home buyers. Buyers were able to tour a variety of homes and many neighborhoods saw considerable foot traffic.

Summerlin encompasses 22,500 acres with about 9,000 acres still remaining to accommodate growth within the master plan, including the addition of Summerlin centre. The community is now home to more than 95,000 residents.

With around a hundred parks, an intricate trail system, golf courses, churches, business facilities, cultural facilities, and many more community amenities Summerlin is a fantastic place to call home.

Buyers should contact a Las Vegas real estate agent to schedule a tour of homes ranging from $200,000 to more than $2,000,000. A search through the Las Vegas MLS can get a home seeker started.

Las Vegas Real Estate Agency as Protection

2008-04-04T07:49:00.000-07:00

Las Vegas real estate agency is when a real estate broker or salesperson provides services of representation for a client attempting or succeeding in the purchase of Las Vegas real estate. Las Vegas real estate agents are bound by law as well as a code of ethics to provide services within limits set forth by the state and Board of Realtors®. The fiduciary responsibility is to protect the client and others involved in the transaction. For example: unsuspecting clients may be duped without honest and trusted representation.

Buyers and sellers of Las Vegas real estate seek out representation for the same reasons someone expected in trial seeks out a lawyer. They seek expertise and aid in finding a home, preparing a home, marketing a home correctly, and putting together the appropriate paperwork. There are many aspects to a real estate transaction. In fact, most people who are professional investors will use agents because of the complexities that can arise as well as the fact that they don't want to have countless hours tied up in the sale.

Las Vegas buyers and sellers should search out an agent who is a Realtor®. Realtors® are held to a higher standard than just anyone with a license. There are agents who will hang their license with a referral, non-MLS broker to receive money when they refer someone to a new home builder or another agent. However, these agents usually work on a part time basis and will likely have very few tools to aid them. You will want a full time Realtor® working for a professional full service company.

Las Vegas Real Estate

2008-04-03T07:26:00.000-07:00

Buy Las Vegas Real Estate
Homeowners and investors alike enjoy the benefits of Las Vegas property. The key factor for many is the potential outlook for strong appreciation, especially with many foreclosure options. When real estate gets hot nationally Las Vegas is a prime hot spot. Current signs are strong for Las Vegas homes. A strong job market, great climate, huge tourist business, and accessibility to everything keeps the market strong. Las Vegas is a great place to buy residential homes and commercial properties.

Sell Las Vegas Real Estate
One of the biggest challenges of selling a Las Vegas home or piece of land is knowing what to do to prepare it for sale so you can get the maximum dollar the market will pay, in the shortest amount of time, and with the least amount of inconvenience. Most sellers share the same goals: sell the home for the most amount of money, as quickly as possible, and with the least amount of inconvenience. Las Vegas home sellers have enjoyed rapid sale times in the past. Even in a slow market Las Vegas homes sell faster than in many other parts of the country. There is a strong demand for Las Vegas housing and seller are often able to make a good deal in equity as they cash out.

Whether buying or selling Las Vegas real estate a Las Vegas Realtor is a qualified real estate agent who will get it done right.

Las Vegas Communities

2008-04-02T20:24:00.000-07:00

Las Vegas real estate has seen a huge increase in appreciation in recent years. New home values and resale home values alike have gained tremendously. Land prices have increased a great deal as well. So, many ask, "what is Las Vegas like as a community?" Many imagine The Strip as the way of the city. Many picture glitz, glamour, gaming, and excitement 24x7, 365 days a year. For some, that is true. The Las Vegas community provides residents with whatever they look for. If a resident wants constant excitement there is plenty of it. On the other hand, if one wants a strong job market they will find it. If they want a quiet neighborhood to live in there are many. Schools, shopping centers, business centers, motor speed ways, desert mountains, social clubs, churches (some reports have suggested there are more churches per capita in Las Vegas than any other city), martial arts centers, etc. In Las Vegas, if you want something, you can find it.

A Las Vegas Realtor is qualified to show homes and answer questions. Contact a Las Vegas agent soon.

Home Design: What's In

2008-04-01T07:15:00.000-07:00

Here are several trends that have topped the charts as popular:

A reduced carbon footprint - there is an increasing concern of how residents and home owners impact their surroundings and environment. Many are seeking to reduce energy consumption.
Outdoor living - outdoor fireplaces, kitchens, patios, etc. are drawing people outside to enjoy the elements
Fully-concealed appliances - many kitchen appliances are hidden behind hinged doors to improve the asthetics of a room.
Floating homes - nonmobile homes sit on stationary barges in a lake or river.
Home elevators - builders and contractors are catering to baby boomers who don't want to leave a prized home.
Pet showers - mudrooms and garages are divided to accommodate pets and keep them clean, in turn keeping the home clean.
Freestanding Bathtubs - oversized tubs have become the focus of many bathrooms.
Bathroom suites - many are adding bigscreen TVs, mini fridges, and other all-in-one features to their master bedroom.

Home should be heaven. Many home owners are enhancing their real estate to provide lavish comfort and functionality.

Realtors Cope with Real Estate Anxiety

2008-03-31T07:34:00.000-07:00

If you're a Realtor in this current real estate market there is no doubt you have had to deal with anxiety in one form or another. The Realtor Magazine outlines some ways to calm yourself or clients in this time of a tightened market.

Calming your clients:

Don't assume you knowwhat your clients are feeling - clients need to talk about what they are feeling. A home purchase is emotional and clients may feel fear or other valid emotions. You can help them through it once you understand them.
Ask clients what they expect from you and you follow up - clients will have reasonable expectations about what an agent does. Find out those expectations and follow through after you commit to acceptable requests.
Get their worst-case scenario on the table - help clients understand you are on their side and they can be comfortable sharing fears and anxieties.

Calming yourself:

Lose the self-pity - remind yourself of earlier successes to overcome negative thoughts about current problems.
Take positive actions consistently - get focused on a steady stream of good leads and prospect actively. Don't panic when things don't happen right away.
Get knowledgeable - quit reading the news where there is a hopeless spin on the market and attitudes. Establish goals for leads and retool your sales strategy to meet the existing demand.

5 Reasons Real Estate Clients Won't Move Forward

2008-03-28T07:42:00.000-07:00

In times of frequent headlines like "Where to Find Million-Dollar Foreclosures" real estate agents find clients on both the buying side and the selling side hedging and indecisive. Realtor Magazine outlines 5 reasons clients won't move forward - and how to respond.

No Money
When buyers are hesitant there may be issues with money. On the other hand the client may have trust issues with the agent and may need to be taken care of with business relationship building activities (i.e. dinner at a nice restaurant, etc.)
No Need
If a seller resists claiming no need to sell, agents need to flush out real motivation. Every home is for sale for the right price but if that price is higher than the market will bare then an agent simply wastes time. If a seller has put their home on the market it's obvious they have some intention of selling. It's important to get down to the real issues if the client is reluctant to move forward.
No Desire
A buyer may be in the perfect position to buy and actually need a home. Their personal life (i.e. divorce, etc.) can affect their timing. Again, it's important to get down to the root motivations and issues.
No Time
Some clients may throw out the "I work 24-hours per day" comment. They may have issues with agents who "just want the commission". Again, the real issue is trust. Clients need to trust their agent and feel they are not in it for money.
No Trust
It takes time to build a relationship of trust with a client. Real estate agents should spend the necessary time to develop that trust. Clients will work with and listen to the professional advice of a Realtor who they can rely on to take care of their needs.

Las Vegas Listed as One of the Fastest Growing Cities

2008-03-27T07:44:00.000-07:00

Las Vegas was one of a recent report of the nations fastest growing cities. It has been for a number of years now. A higher than average job market, unlimited recreational options, and great housing draw newcomers whether they are purchasing a home or renting. Residents are also enjoy great weather and the cultural atmosphere.

The city has performed incredibly in recent years. Even amid the national mortgage crisis, homes have been selling. The prices have corrected due to inflated values from the boom (like the prices in other markets) but analysts continue to predict substantial growth in coming years.

5 Signs of a Las Vegas Housing Market Pickup

2008-03-26T07:34:00.000-07:00

There are indicators to watch for that suggest a market pickup. Las Vegas Realtors watch for these things, as outlined in Realtor Magazine:

New Jobs vs. New Housing - Historically, one new hom owner is created for every two new jobs. If there are more jobs being created and builders are not building as fast the supply/demand curve will adjust in response.
Fewer Builder Concessions - As builders become more confident they will give less to entice a buyer.
Months' Supply - Look at how many month's supply your market has. If that threshold is reached then the market has picked up.
Visitors per Listing - By tracking MLS lockbox stats one can tell if buyers are more serious if there are more visits for longer periods.
Rising Apartment Rents - When rents get too high buyers would prefer to own.

If you are interested in the Las Vegas market you'll want to contact a professional to help you understand the current market.

Price a Home Correctly in Today's Market

2008-03-25T07:44:00.000-07:00

The next series of blog posts reflect a recent article in Realtor® Magazine, "Your Handbook for Success". It consists of 165 tips for succeeding as a Realtor®. The posts will be written from the point of view of a Las Vegas Realtor®.

The opening line: "Regardless of what the pundits say about the market today, you can achieve sales success. Make your sales goals, stay on top of the market trends, be straightforward with prospective buyers and sellers, and keep your own negative emotions in check."

Las Vegas real estate has been in the news frequently in recent months. It has been touted as a struggling market. Interestingly, buyers and investors had better keep their eyes on the future Las Vegas home buying market. It is showing the signs of significant growth through the selling summer season.

The key to selling a home right now is to price a home correctly. A good real estate agent will help sellers understand the market. Tips for agents:

Look at Pending Contracts - Considerable weight should be given to pending sales, even more so than those that have sold.
Don't Take the Heat for the Market - The market will determine the final selling price. Agents should not take responsibility for the market conditions.
Creating Value is Key - The home has to be priced so that it's considered by buyers to be within the top two or three values in that price range.
Time for an Adjustment - Industry standards suggest that if an offer hasn't been made after 8 to 10 showings a price adjustment is necessary.
Have Your Seller Sign a Price Reduction Form in Advance - A form should be signed and a date set ahead of time. If a reduction is needed before hand then do it.
Forget About "Price Reduction" Signs - Such riders tell potential buyers the home is failing to sell.
It's OK to Fire a Seller! - If a seller is unwilling to recognize the market trends you will continue to invest time and money into the marketing of the home with no opportunity for it to sell. Serious real estate pros will take a hard look at their success ratios. If a seller will affect that ratio from the start, let them know you won't represent them. Be professional and be serious about it.

Next article: "Signs the Las Vegas Housing Market will Pickup"

Mastering Foreclosures as a Realtor

2008-03-24T07:22:00.000-07:00

Realtor Magazine recently featured an article titled "Mastering Foreclosures". They suggested that working the REO business requires a great deal of detail juggling and negotiation. The upside is that there are little emotions to have to deal with. You're dealing with a bank who is cut and dry for the most part and simply wants to unload the real estate at a fair price. Here are the 5 steps they suggest:

Join default services organizations and attend conventions where lenders, servicing companies, and other industry representatives are.
Sign up with lenders to provide broker price opinions, which determine what a foreclosed property is worth.
Describe properties as foreclosures in your marketing if lenders allow it.
Ignore e-mail pitches for fast-money REO schemes.
Use lenders you have worked with on previous transactions as references in making connections with other institutions.

Real estate agents will commonly net 1% from the transaction. One agent noted that you have to work harder for a smaller fee. However, if you are good you can turn a lot of business. And in a struggling market turning a lot of properties can be a life saver.

New comers to Las Vegas

2008-03-21T08:21:00.001-07:00

New comers to Las Vegas find wonderful homes that fit their needs. As they move to Las Vegas they also find a place that fits their lifestyle. They research great communities and make a home out of great living opportunities. These communities offer amenities and features that provide comfort and accessibility. They live close to work, play, church, family, friends, and/or schools. It doesn't take long before people become accustomed to the climate, culture, and city. They find joy in calling Las Vegas their home.

Single Women Buying Las Vegas Real Estate

2008-03-20T07:59:00.001-07:00

Single women have become more active in the Las Vegas real estate scene. They are second only to couples in homes purchased. As non-traditional buyers they have been able to find programs that fit their needs. According to the article women have typically been the strongest influence in a home buying decision and now are purchasing on their own.

They tend to look for great neighborhoods and security. Single moms may seek out play amenities and safety. Some seek out low maintenance homes and efficient layouts and space usage.

While Las Vegas Realtors or home builders must be careful not to discriminate, it is important to understand the needs of potential clients. As single women enter the market, just as any other demographic, it's important to take time to find the right property for them.

Darren Hildreth, Realtor®

2008-03-19T14:58:00.000-07:00

As a Las Vegas real estate agent and Las Vegas Realtor®, Darren Hildreth successfully guides and aids home sellers, home buyers, and investors to reach their property and investment goals in Southern Nevada. Darren, a founder of the Hildreth Barnhill team, works tightly with the broker of Specialists Real Estate located in Summerlin.

Darren has been involved in real estate and business negotiations for years. He has owned investment properties and negotiated other business ventures. He loves the intrinsic value in real property and the science involved in arranging a solid deal. His family has developed land, built homes, and owned rental properties for decades. He realizes his clients will use him over and over again because they are treated with honesty and integrity.

GLVAR Suggests Thinking Twice About Becoming an Agent

2008-03-18T08:29:00.000-07:00

The GLVAR posted an article to those considering becoming an agent. They claim there is a considerable sacrifice in time and for most the pay is not significant.

"...According to the Department of Labor, the median income for a real estate agent is about $39,760 per year, as of May 2006. The middle 50 percent earn between $26,790 and $65,270 annually, and the top 10 percent earn around $111,500 per year...Of course, superstar agents can earn several times that top number."

Many agents have left the industry in the recent downturn. Many have second jobs just to get by. A successful Las Vegas Realtor® usually has some sort of team and makes themselves well known through out the valley. If you plan to be a top agent it would be wise to interview another top agent to see what they do. If an agent can't see how they maybe in the top 10% based on some past experience they should consider the sacrifices made to earn what many make standard at another job.

Las Vegas Lifestyle: UNLV Wins Conference Title

2008-03-17T08:48:00.000-07:00

Last weekend Las Vegas rooted UNLV took it to the MWC. Residents and visitors alike witnessed an exciting exhibition as the Runnin' Rebels overcame their components with an usual style. They'll move on to the NCAA tournament as number 8 seed. They'll play Kent St. and then the winner of Kansas and Portland St.

UNLV sports draws an exciting and energetic crowd in a sea of red and white. Welcome to fabulous Las Vegas entertainment!

Las Vegas RJ Suggests Using a Real Estate Professional to Help Determine Home Value when Selling

2008-03-14T07:21:00.000-07:00

Selling a home in Las Vegas requires some skill and dedication. The Las Vegas Review Journal suggests contacting a real estate professional or Realtor® to help determine the value when selling a home. Many areas feature homes of varied values and determining that amount can be the difference between selling a home for too little, not selling it at all, or selling it at the correct market value. It is the market that determines the value of the home, not an appraiser or home owner. If the home is over valued it will simply not sell. If it is under valued it will sell quickly but cash is left on the table.

The best way to value a home is to have a skilled real estate agent prepare a CMA using the GLVAR MLS search system. The system tracks homes for sale and homes sold. Competent Las Vegas Realtors® can pull the appropriate stats and compile them into a report with a strong recommended selling strategy. Sellers who use agents are much more likely to sell their home and will sell it for a considerable amount more. In fact, even though a sell pays an agent they typically make out better than if they sell for sale by owner. If you are planning to sell contact an agent today to prepare the best strategy.

NAR Predicts Flat Existing Home Sales Before Recovery

2008-03-13T07:33:00.000-07:00

The National Association of Realtors® foresees a flat sales market before a recovery during the second half of the year. Many locations have seen their correction but factors indicate they are in the trough of the trend.

"The volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas..."

Not all markets fit this trend exactly but many will see it soon and overall the national trend is improving, according the the NAR report.

Specifically in Southern Nevada, Las Vegas Realtors have seen a shift in market activity. A market report yesterday gave a short term view into latest valley stats. Future months are expected to follow suit pending some unforeseen issue.

Las Vegas Real Estate Market Statistics (2008 February Month End)

2008-03-12T08:05:00.000-07:00

Summary: Listing numbers have dropped off for another straight month easing the over supply. Median home prices remained nearly the same as the previous month in contrast to previous months. The number of home sales is slightly up from previous months.

Las Vegas Listings: (view chart)
Listings in February have decreased from previous months. The statistical curve is showing a little change from previous years. It's to early to tell but the supply has eased some.

Las Vegas Market Strength: (view chart)
Compared to other national averages and normal sales the Las Vegas market remains steady. Prices have dropped but the average days on market for homes competitively priced remains good, and has dropped some. The key to selling today is pricing a home correctly. There is considerable competition with homes in foreclosure proceedings. Once that inventory has diminished the reflection in low prices will level out some.

Las Vegas Resale Homes Sold: (view chart)
The number of homes sold has increased over previous months. The coming months will indicate a lot in supply versus demand.

Las Vegas Median Prices: (view chart)
Median prices leveled off this month from previous months indicating hope in the market. They're priced at around $235k.

Las Vegas Real Estate Market Watch Conclusion: (view chart)
While it's too early to tell after one month, if this is the beginning to a trend in Las Vegas home sales then the market may show a bottom to the valley. It will be interesting to watch. Listings dropped, sales rose, median prices stayed the same.

Full Las Vegas real estate statistical market report found: http://www.hildrethhome.com/lasvegasrealestatemarketwatch/

Contact Las Vegas real estate agents to learn more about the market and buying or selling your home.

Las Vegas Realtor Site Suggests Buying Homes Now

2008-03-11T07:27:00.000-07:00

The Las Vegas Realtor® site referred to an article written by Time suggesting that those who purchase homes and real estate now will make out in the long run. The association is trying to educate home buyers and Las Vegas Realtors® that buying against the grain as well as selling against the grain are tough concepts to grasp but those who are disciplined to do it make out best in the long run.

As John D. Rockefeller famously said, "The way to make money is to buy when blood is running in the streets."

Headlines often either create greed or fear. People act according to the norm. It was suggested in the article that sometimes stepping back and looking at the big picture leads to great opportunities.

"...say you are emotionally ready to be a homeowner. You have good credit, plan to stay put for five years and have been waiting for the perfect entry point. It's time to get serious--before an inevitable rise in interest rates wipes out your advantage..."

Las Vegas Community, Summerlin to Host Huge Real Estate Open House

2008-03-10T08:52:00.000-07:00

Las Vegas community Summerlin is a week away from hosting a huge open house. According to the press release the event will feature 75 model homes in 19 neighborhoods by 12 home builders.

The event will be fun with gifts, food, prizes, coupons, etc. available to visitors. Planners expect visitors to make it a day at Summerlin.

Homes range in size between 937-6,000 sqft and from the mid-$200,000 to more than $1,000,000.

Get a hold of your Las Vegas real estate agent today to schedule a planned tour of the event.

Forbes Richest List Features Las Vegas Billionaires

2008-03-07T09:04:00.000-08:00

The RJ reports Las Vegas billionaires Sheldon Adelson owns some of the most lucrative, famous properties in the country. He is the wealthiest Las Vegan on the billionaire list.

Some of the wealthy have slipped some like Ebay designers Pierre Omidyar, resident of Henderson, have slipped some.

Others have made moves up or down the list. Those involved in commercial Las Vegas real estate faired very well.

Red Rock Area to Construct New Visitor's Center

2008-03-06T07:01:00.000-08:00

Red Rock is one of the recreational highlights of the Summerlin area in Las Vegas. Great hikes, climbing, and beautiful scenery draw tens of thousands a year to the area. One of the features is a strategically placed visitor's center inside the loop. It displays flora and fauna of the area as well as maps. It has rest facilities and experts on the area who are helpful in answering questions.

This week it was announced that the Red Rock area will be getting a new visitor's center. The facility will cost around $23 Million. It will sit just north of the current one and will be completed in 2010.

"Red Rock Canyon is not only the most beautiful natural landmark in Southern Nevada, it has become a world-class outdoor recreational area for hikers, rock climbers, adventurers and cyclists," Warden said. "The Hughes organization is extremely proud of the role it played as a good neighbor to the conservation area and a steward of the environment."

Home Buyers Attracted to Lower Home Prices, Not Incentives

2008-03-05T06:54:00.000-08:00

The Realtor® Magazine published an article in March about real estate purchaser preference. They claim that although incentives are attractive, lower home prices draw more interest.

Many Las Vegas real estate agents don't oppose incentives and have found success with them. However, one major factor that affects buyer interest is that fact that buyers who work with Realtors® typically use the MLS home search. There is no search criteria for "incentives" or similar terms. Potential buyers have to stumble upon incentives as they peruse and the odds of being found are lower. However, most buyers do use price as a criteria and if a seller's house priced better than its competition it will draw more views. The important thing in a tough selling market is to get as much attention as possible.

According to the article:

"The single thing that'll drive buyers and salespeople to a property is that it must be priced at today's market value. If that happens, you'll get buyers at the property, and you'll get practitioners there, too, because they believe buyers will buy."

Greater Las Vegas Association of Realtors Urges Buyers to Buy

2008-03-04T07:07:00.000-08:00

The Greater Las Vegas Association of Realtors® (GLVAR) suggests that now is the time to buy. They offer up their possition paper as direction to qualified purchasers.

The GLVAR is the association for Las Vegas real estate agents. Agents are required to follow the code of ethics and hold themselves to a higher standard. Whole real estate teams and brokerages follow these standards.

The GLVAR also follows the real estate market in the valley and offers tips and indicators to the public to help them make informed decisions.

The position paper suggests the following:

"Mortgage interest rates remain at historically low levels, effectively lowering the cost of buying a home. It is not clear when interest rates will begin to rise. However, economists and other experts generally agree that rates are unlikely to fall significantly in the near future."

Las Vegas remains strong in the job market and future growth. In fact, it is supposed to be stronger than most metro areas.

Real Estate Agent 2.0

2008-03-03T07:34:00.000-08:00

Realtor Mag suggests a move to Real Estate 2.0. Realtors are using web sites, blogs, mashups, social networks, and videos to draw internet traffic and ultimately leads and conversions. Successful agent designed technologies can bring in hundreds of leads a month. Even the big brokerages are making use of web tools to generate business. Here are some pros and cons to dedicating time and money to these causes:

Pros

Once established, leads just come in. People are ready in some cases to jump right in and buy or sell property.
Tech savvy people can gain an edge over competition.
Blogging and other activities force an agent to stay on top of the industry to remain current.
Overall agent exposure can be significant.

Cons

Know-how is required or a pile of cash to pay professional web guys.
Results aren't immediate.
Not all leads are alike. Some, like leads looking for "Las Vegas Real Estate", don't convert as easily as "Las Vegas Realtor".
The web competition is becoming fierce. In Las Vegas thousands of agents are vying for the top 10 search engine positions for 5-10 key words.

Tools like Facebook, Blogger, ActiveRain, etc. help considerably. The real estate business is changing and will have a very different landscape over the next decade. Real estate agents who are up to the challenge will reap the benefits.

National Association of Realtors® Helps Protect Home Ownership

2008-02-29T07:33:00.000-08:00

The National Association of Realtors® has witnessed many problems for Americans who are in trouble with their homeloans. They are being taken advantage of and NAR has called for increased funding and financial assistance, counseling, and assistance. Some scammers are taking advantage of those who have their equity in their home and are in a tight position. They become easy targets and if they are not properly educated about options and assistance available to them, they may succome to poor offers.

A key to protection is to find a quality Realtor®. Las Vegas Realtors® are Las Vegas real estate agents who belong to the Greater Las Vegas Association of Realtors (GLVAR). They are required to perform with certain ethics and can be of great help. There are also resources available to consumers on the GLVAR web site.

Las Vegas Recreation: NASCAR in Town

2008-02-28T07:59:00.000-08:00

Las Vegas is a great place to live, especially for NASCAR fans. Feb 29-Mar 2 Las Vegas will host the racing events at the speedway. Fans are already gearing up and getting ready to attend. The Blue Man Group plans to perform and other great entertainment will be available.

Las Vegas has some of the best recreational and entertainment in the world. From races at the speedway to great dining and shows residents and visitors alike can find anything they're looking for.

Home Buyers Find Rising Mortgage Rates This Week

2008-02-27T07:46:00.000-08:00

Inflation risks caused mortgage interest rates to rise. Home buyers may have witnessed a 41 basis point increase. Reportedly, the average on 30-yr rates rose to 6.37. Bernanke and crew are concerned about the economy and the effect inflation has. He is committed to helping out the economy as well as the housing sector.

"For now though, the No. 1 battle is shoring up the economy. And Bernanke pledged anew to slice a key interest rate to steady the wobbly economy, which many fear is on the verge of a recession — or possibly has already toppled into one."

Las Vegas Mountains Edge Community Records History

2008-02-26T08:15:00.000-08:00

The history of Las Vegas is fascinating and somewhat unique. The city of Las Vegas began to develop as an important stop along the Old Spanish Trail between Santa Fe, New Mexico and southern California for much of the 19th century. The oasis enabled Spanish traders to shorten their route to Los Angeles by cutting directly across the desert. In 1829, descriptions of the lush valley were circulated, generating a lot of interest. In 1844, John C. Fremont, an explorer, camped in the Las Vegas Valley and described the fertile landscape in his journals. Missionaries from the Church of Jesus Christ of Latter-day Saints (the Mormon Church) began an intermittent settlement of the Las Vegas Valley in 1855. This settlement linked to California and the Pacific Ocean. More on Las Vegas History...

The Mountain's Edge master-planned community in the southwest valley recently completed the installation of four commemorative plaques located at the top of the community's 3,500-acre Exploration Peak. Reportedly, the plaques are located on 4 points of a patio with a great view of the valley. They detail local history adding rich value to the residential community. Homes have sold by the thousands in the south west end of Vegas. Communities add to the living experience in many unique ways. Parks, trails, pools, club houses, etc. attract many to the area.

Association of Realtors Reports on Home Statistics

2008-02-25T07:56:00.000-08:00

The National Association of Realtors (NAR) reports both the number of homes and the median prices of those homes dropped last month. That's no surprise to many who are growing used to the trend spoken of consistently in the press.

"The National Association of Realtors said Monday that sales of single-family homes and condominiums dropped by 0.4 percent last month to a seasonally adjusted annual rate of 4.89 million units, the slowest sales pace on records going back to 1999.
The median price of a home sold in January slid to $201,100, a drop of 4.6 percent from a year ago."

I talked to a family member last night who is in the market to purchase a home. Together, they make a very qualified buyer. They are excited about the direction of the market. Just like someone patiently waiting for the right time to buy stocks in the exchanges they are waiting to time the bottom of the drop. They'll buy and ride out the growth of the turned market.

Many are dipping their toes in the Las Vegas market as well, anticipating the coming growth. Las Vegas Real estate agents are waiting patiently as well. Dozens of leads a week come in off the internet with people asking probing questions about the market direction and how a recession may affect them. They want to know about timing, jobs, etc. While there are many factors driving the right decision, there are many great properties for great prices and if the situation is right they buy.

Who Is Buying Homes in Las Vegas

2008-02-22T07:55:00.000-08:00

An article in the RJ suggests that the demographics of people purchasing homes in Las Vegas has not changed. However, the number of overall buyers has. Whether they are first-time-home buyers, couples, families, bachelors or bachelorettes, retirees, etc. they are still making purchases.

Buyers realize they can be very selective and are touring homes before making a purchase. The article provides some interesting stats on who is buying what and it suggests that groups that had not purchased as much in the past are now.

As the residential landscape continues to change in Las Vegas it will be interesting to see how the demographics of home buyers shifts. While Realtors are not allowed to discriminate based on many of these factors, they do recognize shifts in demand and they need to tailor their professional interactions to cater to many backgrounds and people.

Home Refinancing Attempts Increase

2008-02-21T07:37:00.000-08:00

Recent interest rates cuts have motivated many to attempt to refinance their property. However, many may be unable to do it successfully. Mortgage lenders are looking for considerable qualifications. The house must have equity, the borrower must have good credit and work history, and the house needs to appraise well in the real estate market they live in.

Many have tried to lock in better rates and a better term for their home but are unable to because of the previous loan they acquired. To find out if you qualify contact your lender or your real estate agent who can refer you.

Las Vegas Economic Report, Including Real Estate: Residential and Commercial

2008-02-20T08:31:00.000-08:00

Las Vegas has seen amazing economic growth in this decade. It has invited huge development projects and investments. Many of the economic factors contributing to the index have seen positive increases while others are flat or slightly lower.

"Still, the six-month forecast remains flat, (with) no clear sign of an overall recession in the data, despite the veil of pessimism coming from the media," economist Keith Schwer said.

It's amazing the economy has remained as resilient as it is in light of the recent softening of the real estate market in the valley. If the Las Vegas continues strong and the large projects are completed, there will be considerable growth in many industries as real estate recouperates.

Many experts and analysts who know the valley suggest commercial projects will taper off some. Las Vegas commercial real estate has been hot because previous residential growth outran the important commercial infrastructure.

Las Vegas real estate agents are anxious to see what happens over the next year or so. Some believe another small boom will occur due to housing needed to support the jobs to be filled by some of these large-scale development projects. Some estimate jobs requiring 60,000-100,000 residents will need to be filled. 60,000 is more people than there are existing residences including rentals and listed homes. Some expect even more positions through 2009 which will shorten supply further and increase demand. The next year should be flat in southern Nevada economy and housing. However, subsequent years could see considerable growth.

Home Buyers in Las Vegas React to Lower Mortgage Rates

2008-02-19T07:42:00.000-08:00

The Fed's lower rates have sparked greater interest in mortgage products in the Las Vegas area. Applications are up considerably as people see a great time to purchase a Las Vegas home.

"Refinance applications are up 92 percent since the beginning of November, while purchase applications are up 7 percent," said Jay Brinkmann, vice president of the Mortgage Bankers Association. "With tighter credit conditions we don't know how many of these applications will become loans, but it is clear that borrowers are responding to the recent drop in interest rates." - RJ

Las Vegas real estate agents have also seen a small increase in the number of leads and interested parties. Web site inquiries have increased a small percentage and referral business has bumped up.

Las Vegas properties, including those in Henderson and North Las Vegas are priced incredibly well compared to the previous couple of years. Las Vegas Realtors are beginning to see interesting movements in the MLS Search data as well. Another considerable drop in interest rates by the Fed could cause another significant volume of purchase and refinance activity.

Las Vegas Trump Tower Nearing Opening Day

2008-02-18T07:47:00.000-08:00

Opening day in the highly touted Las Vegas community is approaching. The Las Vegas Trump Towers are luxurious.

"No one does the luxury lifestyle better than Trump," Schaeffer said. "The dining and spa experiences at Trump Las Vegas will be unsurpassed by any other high-rise project in town." - LV RJ

The first tower has 1282 rooms including studio units, 1 and 2 bedroom units, and 3 bedroom suites. Prices for these units run from $700,000 to $7 million. They include concierge, spas, fine restaurant access, and the highest of quality amenities.

Las Vegas is known for its great communities and real estate. Las Vegas homes are valuable and job growth in coming months is anticipated to spark another boom in the valley. Get ahold of a Las Vegas real estate agent today.

Las Vegas Communities Continue Development

2008-02-15T08:33:00.000-08:00

I had a recent discussion with the President of one of the home builders here in Las Vegas. I asked if they had their operations on hold for build out Las Vegas communities or if they were pressing forward despite economic issues revolving around housing. He responded that they had slowed down but they were planning for the near future as major business projects are likely to attract many thousands to the valley. He talked about the changes in focus in their products as well as their marketing programs. In some places you can pay a low monthly payment every month that compares equally to rentals. They are developing products that work for 1st time home buyers as well as others for the upscale community. They are poised with land and resources to build homes quickly once economic factors indicate the timing is right.

10 Traits that Make You a Millionaire

2008-02-14T09:06:00.000-08:00

Many real estate agents I know struggle to become wealthy. Many just don't make money. Many who make money aren't disciplined enough to manage it. A few are wise and take care of their finances. Here are 10 traits listed by Yahoo that will help any professional become wealthy over time:

Be patient
Be satisfied
Be organized
Be disciplined
Be reflective
Be creative
Be curious
Be a risk taker
Be goal oriented
Work hard and smart

Recent years proved very profitable for many Realtors. Some in Las Vegas made a lot of money simply because of the volume of sales. Now that times are tougher, many are struggling and many have had to find that second job. Take care of the finances when times are good and the ride will be more smooth when times are not.

Las Vegas New Home Builder Reports Owning Costs Same as Renting

2008-02-13T06:47:00.000-08:00

For many looking to purchase a Las Vegas home the dip in the housing market isn't all bad news. Many who are paying rent can find homes where the costs are the same as the rent they are paying. All they need to do is qualify and they can own. It is important to realize that owning a home requires a handful of other expenses so 1st time home owners will want to work with a Las Vegas Realtor® before they purchase to understand other costs.

Feds Plan to Delay Foreclosures

2008-02-12T08:15:00.000-08:00

In another attempt to slow an economic downturn feds have announced they plan to give more aid to home owners who are in trouble. It is called "Project Lifeline". The project will include many types of loans not just subprime. Six of the nations largest financial institutions are part of the plan. Home owners in trouble will receive a phone call and the mortgage companies will put the proceedings on hold for 30 days while they make the payments more affordable. It is a reach to help some people with a way out.

Las Vegas Real Estate Market Statistics (2007 January Month End)

2008-02-11T07:43:00.000-08:00

Summary: The number of listings slowed due to seasonal factors. The average days on market have remained consistent. The median prices have dropped considerably. The number of home sales is slightly up from previous months.

Las Vegas Listings: (view chart)
Listings in January were similar to previous months. The curve matches other years.

Las Vegas Market Strength: (view chart)
Compared to other national averages and normal sales the Las Vegas market remains steady. Prices have dropped but the average days on market for homes competitively priced remains good, and has dropped some. The key to selling today is pricing a home correctly. There is considerable competition with homes in foreclosure proceedings. Once that inventory has diminished the reflection in low prices will level out some.

Las Vegas Resale Homes Sold: (view chart)
The number of homes sold has increased over previous months. The holiday season affected both buying and selling activity.

Las Vegas Median Prices: (view chart)
Median prices dropped considerably. They're priced at around $235k.

Las Vegas Real Estate Market Watch Conclusion: (view chart)
The holidays have affected the number of home for sale. Sellers are involved in other activities so listing numbers drop off. Buyers who are motivated are making purchases and will reap the benefits. The national average for days on market is around 90 in a healthy market. Las Vegas homes, which usually sell in less time, that are priced correctly are selling on average for just under that amount still. While the market is in correction, gains from years ago are still considerable.

Full Las Vegas real estate statistical market report found: http://www.hildrethhome.com/lasvegasrealestatemarketwatch/

Contact Las Vegas real estate agents to learn more about the market and buying or selling your home.

Cher Doing Show in Las Vegas

2008-02-08T08:05:00.000-08:00

Las Vegas entertainment is some of the best in the world - we are the entertainment capital of the world! Cher seems to agree with that stance. She is taking on a 3 year spot at Caesars Palace starting in May. Her show, which will run and hopefully sell out 200 times, costs from $95-250. She will replace Celine Dion.

According to the RJ, she said, "Las Vegas is way over the top, and the show that I do is way over the top. I feel that it just has to be," Cher, 61, said in a telephone interview. "I guess you could go on in a black dress (and sing), but oh, I would just want to slit my wrist."

Residents and visitors alike will be in for a surprise in Las Vegas. She claims she will do something that hasn't been done before. We look forward to her show.

Las Vegas Homes and Las Vegas Home Sellers

2008-02-07T07:41:00.000-08:00

Las Vegas homes are typically valuable, quality purchases. When buying a home be sure your home is what the seller says it is. A desperate seller may actually be like a used car salesperson. Here are 10 lies (details at MSNBC) a desperate home seller may tell you:

“My neighbors are wonderful!”
“The roof leaked once, but we fixed it.”
“I’ve only seen one termite on the deck.”
“There’s no radon — ever.”
“I didn’t know I should have told you about the foreclosure.”
“The planes from the airport don’t fly over this house.”
“Of course we had a permit to build the new addition.”
“There’s never been any flooding.”
“Our schools are great!”
“They can’t build on that lot across the street.”

The best protection you can get is a quality real estate agent or team who has a trusted group of real estate professionals to make sure you follow appropriate steps of protection. They will know what to look for and they'll be on your side.

Home Mortgage Applications Rise

2008-02-06T08:23:00.000-08:00

The positive news some home owners have been awaiting was announced a couple of weeks ago. The Fed lowered interest rates considerably and mortgage rates have come down. Many who held out are either refinancing or moving into home purchases with improved home financing. It rose 3% during the week.

"Application volume increased as interest rates were mixed. The average interest rate for traditional, 30-year fixed-rate mortgages increased to 5.61 percent from 5.6 percent. The average interest rate for 15-year fixed-rate mortgages, an option popular for refinancing a home, increased to 5.09 percent from 5.04." - MSNBC

Las Vegas Home Buying Strategies

2008-02-05T07:31:00.000-08:00

Home inventories in Las Vegas remain high and many buyers are negotiating great deals. Las Vegas real estate grew in value tremendously in recent years. Like the rest of the nation, those values softened some and savvy investors, whether residents or not, have made their move.

However, not all sellers are motivated to negotiate price on their Las Vegas homes. Some don't need to sell but would if they could. They tend to have other options like renting out the property or living in it temporarily. Finding the right property to negotiate on takes some skill. Find a Las Vegas real estate agent who is a Realtor to help you find the right property. They have specialized tools to do the legwork upfront so negotiating down the line will be easier.

According to the RJ, "Motivated sellers, on the other hand, need to sell. They could be transferred by their employer and have to relocate quickly. Or, they might be facing financial hardship. Or, perhaps they have already bought another home. These sellers have a deadline to meet. They are usually open to considering all offers."

These are the home owners to find.

Super Bowl XLII Was, Well, Super

2008-02-04T07:41:00.000-08:00

Super Bowl XLII was an awesome game to watch. Stellar defense, a winning underdog, clutch catches, and an amazing upset kept fans on the edge to the very end. Las Vegas sports books were going crazy from kickoff to the final 1-second play.

The Giants won 17-14 in final seconds. NY smothered NE with superior defense and came up with the right plays at the right time. The final 12-play drive by Eli Manning and crew was spectacular. They held the Patriots from a record setting perfect season.